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Avnet: Fiscal 1Q Earnings Snapshot

·1 min read

PHOENIX (AP) _ Avnet Inc. (AVT) on Wednesday reported a fiscal first-quarter loss of $18.9 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Phoenix-based company said it had a loss of 19 cents. Earnings, adjusted for restructuring costs and non-recurring costs, came to 36 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The distributor of electronic components posted revenue of $4.72 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $4.05 billion.

Avnet expects full-year earnings in the range of 33 cents to 43 cents per share, with revenue in the range of $4 billion to $4.4 billion.

Avnet shares have fallen 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.91, a decrease of 38% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT